2 Banks Closed On Oct. 7
Closing in on 100 Failed Institutions in 2011
Two banks were closed on Friday, Oct. 7, by state and federal banking regulators. These failures bring the year's tally to 94 failed institutions.
The latest failures:
Sun Security Bank, Ellington, Mo., was closed by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corp. as receiver. To protect the depositors, the FDIC entered a purchase and assumption agreement with Great Southern Bank, Springfield, Mo., to assume all of the deposits of Sun Security Bank.
As of June 30, Sun Security Bank had approximately $355.9 million in total assets and $290.4 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $118.3 million.
The RiverBank, Wyoming, Minn., was closed by the Minnesota Department of Commerce, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered a purchase and assumption agreement with Central Bank, Stillwater, Minn., to assume all of the deposits of The RiverBank.
As of June 30, The RiverBank had approximately $417.4 million in total assets and $379.3 million in total deposits.
The FDIC estimates that the cost to the DIF will be $71.4 million.